Revere Real Estate Prices Up in 2018

The 2018 real estate market
in Revere showed a rise in the price of a median priced single-family home as
well as condominium prices.

The median sales price of a
single-family home in Revere is up 15.7 percent from $376,000 in 2017 to
$435,000 at the end of 2018.

The number of homes sold
dropped from 221 in 2017 down to 191. The lack of inventory drove the sales
figures up.

“The number of sales were
lower because there was less to choose from,” said Maureen Celata, owner/broker
of Celata Real Estate in Revere. “The inventories were lower, and the prices
increased by 10 percent because of the supply and demand rule.”

Condominium sale prices are
also up from $315,000 in 2017 to $356,000 at the end of 2018, a 13 percent
increase.

Looking ahead to the spring
real estate season and beyond, Celata has good expectations.

“I believe because the Feds
may not increase the mortgage rates for the entire year will bring the buyers
back to the buying table,” Celata said. “Now they can afford the mortgages with
the lower interest rates. I believe 2019
will be a strong selling and buying market.”

As for comparing last year’s
market to this year’s market, Tom Mario of Century 21 Mario said the lack of
inventory last year helped to drive up prices. It also resulted in multiple
offers on properties.

“I think this year we’re
looking for a more stable market,” Mario said.

“We’re waiting for serious
buyers,” said Jorge Betancur of Century 21 Mario. “But there is little
inventory and we’re not going to see multiple offers like before. I expect
prices to be about the same level.”

He also noted that the days
a property is on the market is between 30-45 days.